Blackstone unit gets majority ownership of Hotel del Coronado

The Wall Street powerhouse takes a 60% stake while the previous majority owner, Strategic Hotels & Resorts, retains 34.3%. The recapitalization values the historic hotel on the ocean near San Diego at about $590 million.The historic Hotel del Coronado, one of the country's most legendary inns, has a new majority owner —Blackstone Real Estate Advisors, a division of Wall Street powerhouse Blackstone Group.

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